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Google\u2019s new 75 million euro data centre in Dublin (Niall Carson\/PA)<\/p>\nThere will be a \u201cperiod of uncertainty\u201d as artificial intelligence (AI) penetrates the Irish economy and expands across companies, the Enterprise Minister has said.<\/p>\n
Peter Burke said there will be \u201cchallenges\u201d as the Irish economy transitions, but said that Government policy will bring back certainty and allow companies to \u201cgrasp\u201d the opportunities of AI.<\/p>\n
He made the comments as a report found that more than 214 million euro was invested in Irish AI companies across a range of sectors in the first half of the year.<\/p>\n
We have set the policy as there is a period of uncertainty and we have to be honest about that. Without and in the absence of policy comes uncertainty<\/p>\n
Peter Burke<\/p>\n
Investment in the AI industry was made across various sectors, including fintech, healthcare, space technology and AI infrastructure.<\/p>\n
Speaking at Government Buildings on Friday, Burke said that he can see huge amounts of investment coming through Cabinet every week.<\/p>\n
He added: \u201cWe have set the policy as there is a period of uncertainty and we have to be honest about that. Without and in the absence of policy comes uncertainty.<\/p>\n
\u201cBut I believe the current policy will bring back certainty into development and will enable to grasp the opportunities of artificial intelligence.<\/p>\n
\u201cThe investment has been record. I can see every week a huge amount of investment coming through at Cabinet, hundreds of millions of euro in investment in artificial intelligence that\u2019s going to penetrate into the Irish economy.<\/p>\n
\u201cIt will be a challenge\u2026 and equally there will be a transition in the Irish economy as well.\u201d<\/p>\n
Google\u2019s new 75 million euro data centre in Dublin (Niall Carson\/PA)<\/p>\n
Burke also said that rising energy costs has become a \u201cbig challenge\u201d for the growth of the enterprise economy.<\/p>\n
He said he wants to see more capital allowances for \u201cenergy intensive industries\u201d as well as small businesses in the next budget.<\/p>\n
The minister said Government is doing a huge amount to change the current model.<\/p>\n
\u201cThe idea of advancing subsidies and grants to current expenditure will not achieve anything and that is why we brought forward a 300 million euro environment aid scheme,\u201d he added.<\/p>\n
\u201cWe are looking at how individual companies and in particular large energy users, can change and break the model they operate their business in.<\/p>\n
\u201cWe are working hand in glove with companies across the state to change the model as that is the only way we will reduce energy costs. We are working with smaller family business and changed the energy grants.<\/p>\n
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Burke also denied attempting to \u2018suppress\u2019 the conclusions of a study on the value of data centres in Ireland (Cillian Sherlock\/PA)<\/p>\n
\u201cCritically in terms of the budget, 2027 will be important as we look at accelerating capital allowances for energy intensive industries and for small businesses.<\/p>\n
\u201cWe are looking at large scale sites where you will have large energy generation on site in renewable and a large energy user and that is the spirit of large energy user policy.\u201d<\/p>\n
Burke also denied attempting to \u201csuppress\u201d the conclusions of a study on the value of data centres in Ireland.<\/p>\n
The Minister published a report, compiled by KPMG, on the economic value of data centres.<\/p>\n
Records released showed that the Department of Enterprise sought changes to a draft version of the report.<\/p>\n
Burke, however, said \u201cthere was nothing underhanded\u201d before the publication of the report.<\/p>\n
\u201cNothing was suppressed. We have to be honest with how we respond to these things,\u201d he added.<\/p>\n
\u201cWe are very clear what we requested was an economic value that data centres contribute to the economy. We had absence of evidence of what the economic contribution the data centres were to the economy.<\/p>\n
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